Australia's Rimfire Pacific slumps on contract termination

Rimfire Pacific Mining

26/09/2024 06:26

** Shares of mineral explorer Rimfire Pacific Mining
 RIM.AX  falls as much as 37.1% to A$0.050, their worst one-day
pct loss since early January 2020
    ** Stock hits lowest level since Aug. 9
    ** Co says it has issued a notice of termination to Golden
Plains Resources (GPR) for its Fifield Project's earn-in
agreement
    ** GPR was providing funding for the project in New South
Wales
    ** RIM says the termination can potentially lead to legal
issues between the companies, but believes the decision is in
"the best interests of the company and shareholders"
    ** Around 17 mln shares traded, 2.9x the 30-day avg volume
    ** Stock has jumped nearly four-fold YTD, as of last close

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))